酷悠双语网

 找回密码
 注册
搜索
酷悠双语网 首页 最新 查看内容

前海人寿:不恢复新产品申报或造成大规模违约
Chinese insurer warns of defaults as ban on new products bites

2017-5-18 14:33| 发布者: 凡心| 查看: 94| 评论: 0

摘要: One of China’s largest insurers has warned of mass defaults and social unrest unless the regulator lifts a ban on its issuance of new products, the latest sign of stress in the industry caused by a c ...
One of China’s largest insurers has warned of mass defaults and social unrest unless the regulator lifts a ban on its issuance of new products, the latest sign of stress in the industry caused by a crackdown on financial risk.

In a letter to China’s insurance regulator seen by the Financial Times, Foresea Life Insurance warns that the company expects Rmb60bn ($8.7bn) in redemptions this year and might be unable to meet payouts unless it is able to sell new products.

In December, the China Insurance Regulatory Commission banned Foresea for three months from applying to sell new products. In February, the agency banned Foresea chairman Yao Zhenhua, China’s fourth-richest man, from the industry for 10 years.

In the letter dated April 28, Foresea asks the CIRC to resume new product approvals “in order to avoid inciting mass incidents by clients and localised and systemic risks, producing greater damage to the industry”. The term “mass incidents” is commonly used in China to describe demonstrations, protests and riots.

Foresea is a unit of Baoneng Group, a property and financial conglomerate that Mr Yao also chairs. Baoneng made headlines last year by attempting a hostile takeover of China Vanke, one of China’s largest residential developers.

Baoneng has used the sale of so-called “universal insurance” products to finance its stake in Vanke and other listed companies. Such policies are, essentially, investment vehicles offering high yields and guaranteed payouts on maturities. Distributed through banks, they bear little resemblance to traditional insurance, which pays out only in the event of a risk incident such as death, illness, or accident.

Deregulation of the insurance industry in recent years has led to the sharp rise of universal insurance sales, which has helped groups such as Foresea and Anbang Insurance Group to grow.

Foresea’s premiums soared from Rmb32bn in 2014 to Rmb100bn last year but tumbled 61 per cent in the first quarter this year. The date of Foresea’s letter indicates that, by late April, the regulator had not yet approved new Foresea products, despite the expiration of the three-month ban.

In a statement on its website late on Wednesday, Foresea said that “the company’s operations are normal and its cash flow is stable”, adding that it earned Rmb1.4bn in profits in the first quarter.

The CIRC did not respond to requests for comment.

Beyond Foresea, the CIRC has moved to contain universal insurance in recent months, amid President Xi Jinping’s call to curb financial risk. Analysts warn that the high yields offered by universal insurance force issuers to take risks in order to earn the returns necessary to meet promised payouts.

Many universal insurance products ostensibly carry long durations of five or even 10 years but the policies often include generous redemption terms, enabling investors to cash out of the products with minimal penalties.

Foresea’s warning that mass redemptions could leave the group unable to meet payouts highlights the liquidity risk created by taking on short-term liabilities to purchase long-term, illiquid assets.

中国一家保险业龙头企业警告称如果监管机构不解除对其发行新产品的禁令,则有可能出现大规模违约,造成社会动荡。这是打击金融风险对该行业造成压力的最新迹象。

根据英国《金融时报》看到的一封发给中国保险监管机构的信,前海人寿保险(Foresea Life Insurance)在信中警告预计今年将有600亿元人民币(合87亿美元)的退保金额,除非该公司能发售新产品,否则可能无法兑现支付。

去年12月,中国保监会禁止前海人寿在三个月内申请销售新产品。今年2月份,该机构对前海人寿董事长、中国第四大富豪姚振华作出禁入保险业10年的处罚。。

在4月28日发出的一封信中,前海人寿表示“为避免引发客户群体事件、区域性和系统性风险,从而对行业造成更大的伤害和影响”,要求中国保监会恢复新产品申报。在中国,“群体性事件”一词常用来形容示威、抗议和骚乱。

前海人寿是宝能集团(Baoneng Group)旗下企业,这家房地产和金融集团的董事长也是姚振华。宝能试图对中国住宅开发商龙头企业万科(China Vanke)发起敌意收购,成为去年新闻头条。

宝能利用销售所谓“万能险”产品,为其收购万科及其他上市公司的股权融资。基本上,这类保险都是能提供高收益,并保证按期支付的投资工具。它们通过银行进行分售,与传统保险没什么相似之处,后者只有在发生诸如死亡、疾病或事故等风险事件的情况下才会支付。

保险行业近年来放松管制,导致全球保险销售大幅上升,从而帮助前海人寿和安邦保险集团(Anbang Insurance Group)等企业发展。

前海人寿的保费从2014年的320亿元人民币飙升至去年的1000亿元人民币,但今年第一季度下滑了61%。前海人寿发出这封信的时间表明,截止4月底,保监会仍未批准前海人寿销售新产品,尽管三个月的禁令已经到期。

周三晚些时候,前海人寿在其网站上发出声明“公司经营正常,现金流稳定”,并表示今年第一季度实现净利润13.78亿元人民币。

中国保监会没有回应置评请求。

除了前海人寿,中国保监会近几个月来已开始遏制万能险,响应中国国家主席习近平关于遏制金融风险的号召。分析师警告称,万能险所提供的高收益迫使发行人为了获得必要回报来兑现所承诺支付,从而铤而走险。

许多万能险产品表面上需要五年乃至十年的长期时间,但该险种通常包含大量赎回条款,让投资者能够以最小的处罚来对该产品进行套现。

前海人寿警告称大规模赎回可能导致该集团无法实现支付,突显了以承担短期债务去收购长期流动资产所造成的流动性风险。

译者/何黎


路过

雷人

鲜花

鸡蛋

最新评论

QQ|Archiver|小黑屋|酷悠双语网 ( 京ICP备09072739号

GMT+8, 2017-6-29 06:50

Powered by Discuz! X3.3

© 2001-2017 Comsenz Inc.

返回顶部